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Sensex, Nifty Fall Dragged By Banking Stocks Amid Slide In Global Markets After Fed Rate Hike

Equity benchmarks in India fell amid a decline in global equities after the US federal government raised interest rates by 75 basis points for the third consecutive time. Banking, energy stocks fell, while consumer discretionary, FMCG and auto stocks gained.

The Sensex lost more than 330 points (0.57%) to 59,119.72. The Nifty fell 0.5% to 17,629.80. Today, 22 of the Nifty 50 shares rose while 28 fell. Titan, Hindustan Unilever, Asian Paints, Eicher Motors, Maruti Suzuki were the biggest winners. Power Grid, Axis Bank, HDFC Bank, HDFC, ONGC were the biggest losers.

The broader indices outperformed their larger competitors, with the MidCap gauge gaining 0.5% and the SmallCap gauge 0.6%. Ten of the 19 sector indices compiled by BSE rose with the FMCG index rising 1.3%. On the other hand, Bankex fell 1.4%.

Market width is skewed in favor of bulls. About 1,816 stocks rose, 1,627 fell and 146 remained unchanged.

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